New legislation would establish savings accounts for children born in the U.S., payable at age 18 for expenses such as education and housing.was introduced by U.S. Sen. Cory Booker, D-NJ, and Rep. Ayanna Pressley, D-MA. It would establish a federally funded savings account for every child “to make opportunity a birthright for everyone in America and help close the racial wealth gap,” the lawmakers said in a statement.
Under the “baby bonds” plan, every child would be given a $1,000 savings account at birth. The funds would sit in an interest-bearing account managed by the Treasury Department that would receive additional deposits of up to $2,000 each year depending on family income. At age 18, account holders could access the funds in the account for allowable uses like buying a home or paying for educational expenses.
Why do we have to have legislation for a savings account? Waste of time and resources
The Nanny State in overdrive. How are we going to pay for it? “Eh, who cares,” say the libs at
Didn’t Ivey already bankrupt one these?
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